Smartrent, Inc. · NYSE:SMRT
Smartrent — City by Citi (November 2021)
44 slides from Smartrent's conference presentation, Nov 18, 2021
Slide 1: Opening Doors to a Smarter World
City by Citi November 18, 2021 Opening Doors to a Smarter World
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation may contain forward-looking statements within the meaning of the safe harbor from civil liability provided for such statements by Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E
Slide 3: Key Investment Highlights
Key Investment Highlights @ Leading solution provider for owners / operators & residents Large addressable market © highly visible pipeline of demand @ Significant growth opportunity G Attractive financial profile
Slide 4: Company overview
4.1M Company overview 500K+ Total Users 3,000+ Communities/Properties on SmartRent Platform 270K+ Total Units Deployed Total Devices Installed 1.4M+ Total Customers 199 Unit Opportunity from Existing Customers Founded in 2017, SmartRent is a leader in enterprise smart home technology. The open archi
Slide 5: We are an enterprise software company providing fully-integrated solutions to real estate
We are an enterprise software company, providing fully-integrated solutions to the real estate industry We are hardware agnostic and deeply integrated into most Property Management Systems 5
Slide 6: Pillars of Success
Pillars of Success Open and Flexible Architecture Hands-On Sales, Installation & Support Focus on Innovation 6
Slide 7: Field Operations
Source: Company data as of 9/30/2021 Field Operations Broad National footprint designed to serve our customers in their local markets 7
Slide 8: Product Ecosystem
Community Wifi Building Access Control Pool Access East Building A Access Unit A101 Expires: 08/14/20 2:15pm Hold Phone by Lock Your Passes Profile Activity Passes Front Door Locked Tap to unlock Product Ecosystem Self-Guided Tours Video Intercom Hello, Jane Your Self-Guided Tour is Ready! 2 BED 2 B
Slide 9: Environmental, Social and Governance
9 Environmental, Social and Governance SmartRent enhances its customer ESG initiatives
Slide 10: SmartRent's Product Suite Enhances Sustainability Initiatives
SmartRent’s Product Suite Enhances Sustainability Initiatives for Owners and Quality of Life for Residents 10 Our environmental consciousness not only allows us to improve communities and positively impact the environment, but also to manage risks for our customers while increasing our recurring rev
Slide 11: Platform Has Proven Results In Helping Client's Sustainability Goals
Platform Has Proven Results In Helping Client’s Sustainability Goals While Meaningfully Reducing Costs 11 Power plants that run only during peak demand for electricity. Company estimate based on 1M installed and committed units, assuming 2kwh per apartment / home saved per day during half a year; as
Slide 12: SmartRent Delivers Undeniable Value To Owners / Operators
SmartRent Delivers Undeniable Value To Owners / Operators 12 Operating Expenses Asset Protection Revenue Generation Cost Reduction 20-30% Savings on utilities Maximize resident engagement Fully integrated ecosystem Improved building quality Increased asset values 70-90% Decrease in water damage expe
Slide 13: Near-Term Product Roadmap
Near-Term Product Roadmap Ongoing investment in technology for continued leadership 13
Slide 14: Growth Opportunity
Growth Opportunity Large Total Addressable Market Highly Visible Organic Growth Expanding Presence Among Smaller Institutional Owners Capital Allocation 14
Slide 15: Large Addressable Market Opportunity
Large Addressable Market Opportunity We are initially targeting three large end-markets ~$.03B Annual New Developments ~$80B New Products / Other Asset Classes 1 ~$30B Existing Residential Stock 2 ~$200B Global Expansion Source: NAREIT, John Burns Real Estate Consulting, Statista, company assumption
Slide 16: The Industry Leaders Have Chosen SmartRent
The Industry Leaders Have Chosen SmartRent… 16 15 of the top 20 multifamily owners are SmartRent clients ~3% of addressable multifamily market represented by top 20 owners / operators …and more of the real estate industry is expected to follow Recognized thought leaders for the rest of the residenti
Slide 17: Expanding Market Share In The Long-Tail
Units Installed Expanding Market Share In The “Long-Tail” Source: Company customer count and customer units under management Consultative sales team successful in signing smaller, private institutional rental owners 19 new Customers, 251K controlled units 21 new Customers, 539K controlled units 17 n
Slide 18: Organic Revenue Growth From Existing Customers Is Substantial
Organic Revenue Growth From Existing Customers Is Substantial 18 Note: Preliminary estimates 1. Total number of units deployed to date as of 9/30/2021 2. We define Committed Units as both (i) units that are subject to binding purchase orders from customers and (ii) units that existing customers who
Slide 19: Capital Allocation
Capital Allocation $445M1 available for deployment from Fifth Wall merger Research & Development Commercial real estate expansion International expansion Strategic acquisitions 1. As of 9/30/21, the Company had approximately $473m in cash on its balance sheet Enhance logistics and build inventory St
Slide 20: Visible Revenue Stream
Visible Revenue Stream 20 1. Cancellations comprised of 29 Self-Guided Tour installations – not Core Smart Home product as of 09/30/21
Slide 21: Customer Acquisition Process and Revenue Streams
Customer Acquisition Process and Revenue Streams
Slide 22: Illustrative Sales Cycle and Portfolio Roll Out
Largest Multifamily REIT Largest Multifamily REIT Illustrative Sales Cycle and Portfolio Roll Out “And so when we think of SmartRent, using that as the example, over the last year, we put 30,000 units in, we were out in front of the market and what we've seen is that our residents have a smoother ex
Slide 23: SmartRent Revenue Streams
23 SmartRent Revenue Streams Three revenue streams, initiated by Units Booked and Units Deployed, recognized at differing points of time and for varying duration
Slide 24: Product Overview
Product Overview 24
Slide 25: Standard Smart Home Package
Standard Smart Home Package Honeywell T6 Pro Thermostat Alloy Leak Sensor Alloy Hub Yale YRD256 Lock 25
Slide 26: Network Topology
Network Topology Wireless Wired 26 26
Slide 27: Flexible Options
Flexible Options Schlage BLE LoRa/WiFi Leak Detector Salto BLE Honeywell Wifi 27
Slide 28: Upgrades
Upgrades Motion Sensor Contact Sensor Smart Plug Switch/Dimmer Video Doorbells Shades Garage Doors Voice Assistants 28
Slide 29: Fusion Hub
Fusion Hub 8 inch touchscreen hub Built in thermostat Z-Wave, WiFi, 4G LTE Multi-sensor* Security Panel* Video Intercom* *Features will be made available in future over the air firmware updates 29
Slide 30: Self-Guided Tours
Self-Guided Tours 30
Slide 31: Access Control
Access Control Smart Reader Mobile Access Cloud Bridge 31
Slide 32: Smart Intercom
Smart Intercom 32
Slide 33: Parking Management
Parking Management 33
Slide 34: Managed WiFi
Managed WiFi 34
Slide 35: Resident Experience
Resident Experience —) 317901 Remote Access ‘cuest Access Buliing Access climate comfort Video
Slide 36: Installation App
Installation App 36
Slide 37: Community Manager
Community Manager Administration Configurations Device Mgmt Reporting Marketplace 37
Slide 38: Community Manager
Community Manager Move n Status Vacant Unit Controls Move-In Work Orders Maintenance Access
Slide 39: TTI Lee
TTI Lee ili
Slide 40: Recent Business Highlights
Recent Business Highlights 40 Source: Company data as of 9/30/2021 See slide 43 for definitions #1 fastest growing company in Arizona Completed merger with Fifth Wall Acquisition Corp I, a SPAC sponsored by Fifth Wall, the largest venture capital firm focused on the global real estate industry and P
Slide 41: Recent Financial Highlights
41 Delivered triple-digit Q3 revenue growth ($ millions except for units installed and units booked Recent Financial Highlights Source: Company filings 1. We define Bookings as the aggregate dollar value associated with binding orders executed during the stated measurement period. Bookings include t
Slide 42: Seasoned Team With Deep Industry Expertise
42 Jonathan Wolter Chief Financial Officer CJ Edmonds Chief Revenue Officer Demetrios Barnes Chief Operating Officer Mitch Karren Chief Product Officer TEAM HIGHLIGHTS COMBINED EXPERIENCE AWARDS Lucas Haldeman Chairman, Chief Executive Officer Heather Auer Senior Vice President, Human Resources Evel
Slide 43: Reconciliation of non-GAAP metrics
Three months ended September 30, Nine months ended September 30, (amounts in thousands) 2021 2020 2021 2020 Net loss $ (26,685 ) $ (8,697 ) $ (46,003 ) $ (26,421 ) Interest expense, net 57 130 199 510 Provision for income taxes 43 48 130 170 Depreciation and amortization 130 96 303 217 EBITDA (26,45
Slide 44: Definition Of Key Operating Metrics
Definition Of Key Operating Metrics 44 SmartRent regularly monitors a number of operating and financial metrics including the following non-GAAP financial measures which the Company believes are key measures of its growth, to evaluate its operating performance, identify trends affecting its business